Mortgages Offer Received/Issued

DavidKP
DavidKP Posts: 14 Forumite
in Mortgages & endowments
Hi

Looking for a bit of advice and clarity. We got our Offer on Friday for our mortgages and we spend the weekend looking at stuff we need to do in the house and before i go ahead and get carried away am i right in thinking that the bank can not withdraw my offer? or can they?

Also do i need to contact my solicitor? or will the bank do that? how long does it normally take for the exchange of contracts?

Thanks
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Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    What do you mean "we" got our offer for our "mortgages" (eg plural) - are there two or more mortgages involved????

    The bank can withdraw the offer any time it feels like it though in general they wont unless there is a change of circumstance.

    Unclear what you mean "do I need to contact my solicitor" - usually your solicitor would contact the bank, but its unclear if you've found a house yet and this is an agreement in principle or this is a specific mortgage offer on a house you've agreed to buy and the survey has been done, or some point in between that, its not clear if you've agreed to sell your house yet "looking at stuff we need to do in the house" or haven't put it on the market.

    It takes a few hours for exchange of contracts. The point leading up to that could take weeks to months or it might never happen. 1/3 of house sales in England fall through.

    There are books on the house buying process you can get for £5-£10, as you are spending most likely hundreds of thousands, buying one to understand what you are doing would seem to be a good idea.
  • DavidKP
    DavidKP Posts: 14 Forumite
    Hi

    Sorry i should have been more clearer.

    We are currently renting. We have found a house put a offer in and it has been accepted. AIP was already in place before we went looking for a house. All the paper needed with it has been handed to our MA and the valuation was done last week. We then got our Mortgage offer on Friday.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Then EOC could take anywhere from around 4 weeks to never.
    Whats happening up the chain? Is it complete? (assuming you arent buying a newbuild in which case EOC may happen months before completion.
    Ask your MA what to do next, thats one of the things they will advise you on. No point doing anything if your vendor hasnt got a place yet, for example.
  • DavidKP
    DavidKP Posts: 14 Forumite
    Not buy a new build and no chain.

    The vendor told us when we went to view the house in feb that it will be empty from the 3rd of march.

    I have left a message with the MA.

    As i am not buying a new build and the bank is happy with the property why would they withdraw the offer?
  • kingstreet
    kingstreet Posts: 38,740 Forumite
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    Matters are now in the hands of your solicitor and if there is nothing in the offer which says "sign this and send it to us" you should now keep in touch with your solicitor for updates.

    An offer can be withdrawn if, after renewed checks perhaps following a routine audit, information provided at the outset is later proved false.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • DavidKP
    DavidKP Posts: 14 Forumite
    kingstreet wrote: »
    Matters are now in the hands of your solicitor and if there is nothing in the offer which says "sign this and send it to us" you should now keep in touch with your solicitor for updates.

    An offer can be withdrawn if, after renewed checks perhaps following a routine audit, information provided at the outset is later proved false.

    Right okay, i will give the solicitor a call now as well. Nope we did not have a sign this and send it to us.

    How common are these routine audits? never heard of this before when getting a mortgage. I through all the checks were done before getting the offer.
  • kingstreet
    kingstreet Posts: 38,740 Forumite
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    Halifax routinely audits about 8.5% of its applications. That's the only one I know about.

    Provided all you've said stacks up, you have nothing to worry about.

    Audits can be done right up to completion. It is very, very unusual for an offer to be withdrawn. It has never happened to me in 33 years.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • DavidKP
    DavidKP Posts: 14 Forumite
    kingstreet wrote: »
    Halifax routinely audits about 8.5% of its applications. That's the only one I know about.

    Provided all you've said stacks up, you have nothing to worry about.

    Audits can be done right up to completion. It is very, very unusual for an offer to be withdrawn. It has never happened to me in 33 years.

    Right okay this is with Natwest. Hopefully it is nothing to worry about.

    First time buying a house and never knew half the stuff.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    DavidKP wrote: »
    Right okay, i will give the solicitor a call now as well. Nope we did not have a sign this and send it to us.

    How common are these routine audits? never heard of this before when getting a mortgage. I through all the checks were done before getting the offer.

    Nope. Suppose you take out a £20k loan now you've got the offer? Or a £100 payday loan?

    Have you checked the property is empty? Have you inspected it now the (presumably) tenants have left?
  • DavidKP
    DavidKP Posts: 14 Forumite
    AnotherJoe wrote: »
    Nope. Suppose you take out a £20k loan now you've got the offer? Or a £100 payday loan?

    Have you checked the property is empty? Have you inspected it now the (presumably) tenants have left?

    Right okay i don't think we will be doing that anytime soon.

    No we haven't checked that the property is empty. the tenants was the vendors brother and when we viewed the house he was packing up ready to move out. But i do not want to make the assumption and say he has left. I also need to give a month notice to my landlord regarding my house and dont want to end up paying double while having to move as well.
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